ELN TV

Imports of crude oil from OPEC countries to OECD nations declined during the first quarter of the year.

There were shipments coming only from Iran – which increased by 30% – Iraq and Kuwait, which accounted for a 10% rise, new figures from the International Energy Agency (IEA) revealed.

Production of crude oil, natural gas liquids (NGL) and refinery feedstocks in OECD countries dropped in March compared to a year earlier.

It fell by 0.5% as production declined in Mexico by 5.3% and in the US by 1.6%.

Refinery gross output rose by 0.8% during the same period.

Its net deliveries were slightly lower – 0.5% – compared to March last year.

The report added: “Stocks of crude oil, NGL and refinery feedstocks in total OECD grew at a much slower pace in the first quarter of 2016 compared to a year earlier. This trend held steady in March 2016.”